Realtor Karibu Homes will spend Sh4 billion on 1,200 units in two high-rise blocks on its newly acquired 20 acres in Kiambu County.
Chief executive Ravi Kohki said a masterplan for the property — which includes portions for greenery, running tracks, basket ball courts and footpaths — has been approved.
The property will host one, two-and three-bedroom apartments in three-and four-floor blocks. The five-year-old company said it was targeting Kenyans earning between Sh40,000 to Sh100,000 who can pay a deposit of Sh50,000 with the rest being paid as construction continues.
Buyers can also seek financing to complete payment upon moving in with the rent savings used to offset the mortgage.
The houses will sell for between Sh2.5 million and Sh5 million.
Mr Kohki said Kenyan real estate developers were capable of delivering 500,000 homes per year if the national and county governments helped them access land in major towns.
“This is best achieved as a social development enterprise that generates profit for the developer while solving the housing problem. Up to 92 per cent of Nairobians rent houses and this is a major opportunity for real estate companies to develop affordable houses,” he said.
The property will be maintained by Karibu Homes which will charge a Sh3,500 service fee per month.